Premier Wen Jiabao said on an inspection tour in southwestern Sichuan province that measures to rejuvenate the ailing Chinese economy are not yet in place, Bloomberg reported, citing state media. “We need to comprehensively assess the situation and recognize the problems, difficulties and risks, in particular the downward pressure on the economy,” Wen said. He noted, however, that the economy is growing within the government’s targeted range and measures to stabilize the economy are seeing results. China’s GDP saw a 7.6% increase in the second quarter from a year earlier, its sixth consecutive slowdown and not far from the official 7.5% growth target. Despite the troubled news, Wen assured an economic forum on July 14th that “fundamentals for economic development remain sound.”
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